CoinList, a spin-off of AngelList, has raised $9.2 mln in its initial funding round with investors including the Digital Currency Group and Blockchain Capital

Token sale platform CoinList, which emphasizes their compliance with AML and KYC, has raised $9,2 mln in its initial funding round.

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CoinList, a platform for token-based financial services with an emphasis on compliance with regulation, has raised $9.2 mln during its initial fundraising round, according to a press release published today, April 5.

CoinList is a “spin-off” of AngelList, a website for connecting startups to investors and job-seekers, where it spent its incubation period.

CoinList hosts a compliance service, ComplyAPI, that promotes itself as “tak[ing] care of compliance so you can focus on your token sale.” The service conducts AML and KYC checks on potential investors, as well as ensures that only accredited investors - those with a net worth of over $1 mln or an annual income of $200,000 - are participating in a company’s token sale as “pursuant to US securities laws.”

Andy Bromberg, the co-founder and CEO of CoinList, said in the press release that the success of CoinList’s funding round “reflects the growing need that promising [B]lockchain companies have for superior token sale compliance and execution:”

“Now more than ever, companies raising money through an ICO need a platform partner that knows the intricacies of execution and regulation. CoinList provides even more integrity to the startups that have already distinguished themselves, and comfort to the accredited investors that want to commit to [B]lockchain technology."

Launching an ICO in the US requires a company to either register for the US Securities and Exchange Commission (SEC) accredited investor exemption, or register their ICO as a security offering.